The major indexes opened up and traded modestly higher this morning until around 11:15 ET, when selling pressure took over and drove the indexes down near their opening levels. But RUT and SPX recovered much of their losses to close modestly up for the day. The absence of a strong bullish case is evidenced by both SPX and RUT being unable to hold their highs yesterday and again today. However, in both cases, the indexes are making net gains, albeit modest. Jobless claims will be released tomorrow and both retail sales and the Michigan consumer sentiment numbers will be reported Friday; this economic news is likely to move the market. RUT closed up a little over $5 at $677, a new 52 week high. SPX continues to flirt with its 52 week high at $1150. It ran as high as $1148 today before closing at $1146, a rise of $5.

My March and April condor positions continue to trade in the red. Theta for the March position is now at +$268; this is nibbling away at the net losses for March each day. While the April condor is also sporting a net loss, the position Greeks are actually pretty good with delta = -$11 and theta = +$73. This position still has a reasonable profit potential, but I am just nursing March to a smaller loss. So we wait to see if this strong bullish run continues.